By Adria Calatayud
Scandinavian telecom operator Telia Co. AB (>> TeliaSonera) on Monday said it has proposed the sale of 35 million shares, or 5.65% of the issued share capital, in Russia-based MegaFon (>> Megafon PAO).
The Swedish company said it has launched an accelerated bookbuilding offering to institutional investors, a transaction it expects to settle on Oct. 5. The offer price and final number of shares sold will be determined at the conclusion of the process, it said.
Telia, which currently holds a 25.2% interest in MegaFon, said the proposed sale is consistent with its strategy of focusing on operations in the Nordics and Baltics. The sale would reduce its stake to 19.5%.
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